Though functionality of the health Exchange will be initially limited, nonetheless it will provide health insurance solutions to wide range of residents in the state. The online platform will open its doors to citizens looking for individual or group health plans and small business firms wanting group coverage for their employees.
Health insurance solutions that are available through the insurance Exchange include medical plans for individual, families, group and group coverage for the employees of small business firms. Only those insurance companies that follow the federal guidelines and spend a minimum of 80% of their premium dollars on providing healthcare will be allowed to sell their products through the Exchange.
The platform for individuals will host health plans for individuals, families and small groups. Residents will be able to check the various options online, compare plans across health insurance companies and buy their health plans directly from the company. E-apps will ensure that the applications are processed faster and residents get their medical coverage quickly. All the health plans available on the Exchange will be valid according to the new federal regulations and the residents will not have to worry anymore about scams and fraudulent plans.
The health Exchange would be an easy portal for the Admin to govern. Rate changes, new information, product brochure can all be uploaded and updated in real time. The Admin will also have access to a detailed analysis of the traffic which will help them in their further course of action. The analysis will be about the various age segments that visit the Exchange, their preferred health plans, the source of traffic, the conversion rates and the likes.
Small Business Health Option Plans (SHOP) is a part of the Exchange that caters exclusively to small firms looking for group coverage for their employees. Here too, firms will be able to look at and compare across the health insurance companies. Employees would be able to log in to the Exchange to make their individual changes to the details of the policy like adding a family member, or deciding the amount to be contributed to FSA and HAS. Through the e-apps available on the Exchange, employees would be able to use the following features:
- Apply online
- Partial filling, and save & come back later features
- E-sign the application
- Track the status of application online
- Supports completion of semi-filled application by printing & filling it in by hand
- Allows submission of paper application via e-mail or fax
- Automatic conversion of existing PDFs into e-Applications.
The analysis of SHOP traffic would include details such as:
- Segmentation of consumers by size and types of business and the area they are located in
- The source of traffic
- Traffic Trend
- Conversion rate and trend
- Effectiveness of sales and marketing campaign
For the residents and small businesses operating, insurance solutions on the health Exchange are the easiest way to access coverage. No one is denied coverage due to the prior health status of the resident and application gets processed easier and faster.
Shaun Mike is an expert on health insurance Solutions and is currently studying about the intricacies of the state health exchange that are to be formed soon.